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Campbell Soup is replacing its CEO as the company faces declining U.S. soup sales and considers changes for its broad portfolio of products. Denise Morrison will be replaced temporarily by former Electrolux CEO and Campbell board member Keith McLoughlin.

A breakup of Campbell Soup may be the best recipe for the food giant to revive investor interest, as shoppers increasingly turn their noses up at the company's core simple meals and beverage offerings. The decrease in both sales and volumes for prod
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Campbell Soup CEO Denise Morrison speaks during a meeting between President Trump and manufacturing executives at the White House on May 18, 2018. The top executive at Campbell Soup will retire and the company is undergoing a strategic review as it tries to revive sales that have been under pressure due to shifting American tastes. Morrison, who has been has been CEO since 2011, is being replaced immediately by Keith McLoughlin, who will lead the company on an interim basis.(Photo: Evan Vucci, AP)

But rocky management and changing consumer tastes have constrained the company as it seeks a turnaround.

Keith McLoughlin, a Campbell board member and former CEO of appliance maker Electrolux, will become interim CEO.

The company said it would perform a "strategic" review of its products, which in the business world often includes potentially putting assets up for sale.

"Everything is on the table," McLoughlin said on a conference call. "There are no sacred cows."

Campbell stock plunged 12.4% to $34.34 at 1 p.m.

Morrison's departure was announced concurrently with the company's quarterly earnings report, which included a net loss of $393 million for the period ended April 29.

"We made some progress in stabilizing sales in U.S. soup," CFO Anthony DiSilvestro said in a statement. "However, we are not satisfied with our financial results. Our performance has been impacted by both execution-related and external challenges."

The red ink included one-time charges of $619 million tied to the struggling Campbell Fresh division.

In this Wednesday, Jan. 8, 2014, file photo, cans of Campbell's soup are photographed in Washington.(Photo: J. David Ake, AP)

Sales of "simple meals and beverages," the division that includes the company's namesake Campbell Soup products, fell 2% when not including the effect of acquisitions, currency and other one-time items.

For the last nine months, comparable sales of those items were down 4%. Struggling items include V8 beverages and traditional soups.

American consumers have been gravitating toward products perceived as more natural, which has prompted Campbell to expand in that area.

The company is also bolstering its snack offerings. Snyder's-Lance brings Hanover pretzels, Kettle chips and Pop Secret into Campbell's lineup.

“I am proud of Campbell’s accomplishments and how we have transformed our portfolio amid changing consumer tastes for food and health and well-being," Morrison said in a statement. "It has been an honor to lead this iconic company and exceptional team, and I am confident that Campbell will enjoy continued success for many years to come.”